Contractor payments
This query is : Resolved
07 March 2016
Dear Experts
Our Friends Company getting 1 Single Bill Around 70/ thousand & Making payments to contractor approx 25thousand ,25 thousand & 20 thousand in 3 dates without deduct any TDS.
Now My Question is he is getting 1 Single Bill Approx 70 Thousand, then he should deduct tds or not.
Our Friends Company getting 1 Single Bill Around 70/ thousand & Making payments to contractor approx 25thousand ,25 thousand & 20 thousand in 3 dates without deduct any TDS.
Now My Question is he is getting 1 Single Bill Approx 70 Thousand, then he should deduct tds or not.
07 March 2016
Dear
When TDS not deductible
Contract amount below specified limits
1.Amount of any single sum credited or paid doesn’t exceedRs. 30,000
2.Aggregate amount of such sums credited or paid doesn’t exceed and doesn’t likely to exceeds Rs.75,000 in a year.
Since in your case the credit in account exceeds rs 30000/- hence TDs is to be deducted.
When TDS not deductible
Contract amount below specified limits
1.Amount of any single sum credited or paid doesn’t exceedRs. 30,000
2.Aggregate amount of such sums credited or paid doesn’t exceed and doesn’t likely to exceeds Rs.75,000 in a year.
Since in your case the credit in account exceeds rs 30000/- hence TDs is to be deducted.
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